Every quarter USS publish a list of their investments. This comprises a full list (with valuations) of their ‘top 100 public investments’ and a searchable database of their smaller public investments (without valuations). Due to the limited nature of the information provided it can be difficult to judge whether a company appearing as ‘new’ to the top 100 list is truly a new investment or whether it has simply moved up the rankings from say No 105 to No 98. The lower threshold for inclusion in the top 100 list is usually around £ 30-40 million.
An example of how this limited disclosure can be unhelpful is the holding in Palantir. Palantir appeared in the ‘top 100 investments’ in March 2026 with a holding of £ 38 million. Now however it has dropped out of this list. But this is almost certainly not evidence that USS has divested. Rather the threshold for holdings to be included in the ‘top 100’ has risen to £ 42 million.
To avoid confusion, it is our view that USS should publish the amount of its holdings in all public listed companies and not just the ‘top 100’.
Fossil Fuel Investments – Companies on the FFX 200 list
Regarding our previous analysis of the 200 companies with the biggest coal, oil and gas expansion plans, USS continues to hold public investments in 57 of these companies. They do appear to have sold their holding in PTT Exploration (previously £52 million) a Thai fossil fuel exploration and production company. USS also hold investments in 40 of the 65 largest investors in oil and gas expansion including £ 107 million in JP Morgan Chase the largest funder of fossil fuels as identified by Banking on Climate Chaos.
Thus there appears to be no evidence of a major switch of investments from fossil fuels to clean energy. These investments also appear to contradict USS’s statements that they view climate change as a significant financial risk and that they are making progress towards ‘net zero 2050’. Given the alarming evidence of rapid global heating and the commitment by 117 UK Universities to divest from fossil fuels, there is a clear misalignment between USS employers and the investment strategy set by the USS Trustees Board. Given the need for USS to be paying pensions long into the future it is difficult to understand what the Trustee Board are thinking.
Companies supporting the genocide in Gaza
Regarding our previous analysis of the companies and financial institutions that have been identified as ‘contributing to the maintenance of Israel’s unlawful presence in the Occupied Palestinian Territories’ continues to invest in 49 of the 104 companies identified. USS also continues to invest in 20 of the 47 European financial institutions providing funding to these companies and invests in 27 of the top 100 shareholders in these companies.